Money lending companies have become a booming business, as many more people are opening organizations to meet the growing market. With the majority of them springing up on a daily basis, most borrowers generally don’t investigate whether the company they are contracting is recognized by the Ministry of Law. With the advantages of utilizing a licensed money lender list in Singapore immense, here are some main ones:
Protection from exploitation
One of the biggest advantages of using a licensed money lender in Singapore is complete protection from manipulation. With the licensed money lending companies utilizing the Ministry of Law guidelines, interest rates are usually controlled. In addition, when it comes to economic pressure, one does not have to worry about the interest rates suddenly increasing, since this area is also well covered in the contract signed before lending.
Accessible for all
Most money lending companies in Singapore have the tendency to only allow employees with a monthly paycheck and just citizens to borrow from their companies. However this isn’t the case with the majority of licensed money lenders, as they take bigger risks. In this case if one offers collateral and a way of payment that is much less conventional with a guaranteed means of repayment, a loan could be offered.
Carefully tailored loans
The fear of the majority of borrowers is the inability of earning payments, once the time arrives for the repayment to be done. With most having loan sharks harassing them for these reasons, many face hardships such as long repayment intervals at high rates of interest or even repossession of their own items to cover the loans. With a licensed money lender in Singapore adequate advice is provided for all those needing quick easy loans. This is done in detail to make sure that one is comfortable with the amounts they ask for. With restrictions put in place if the amount seems too big for the borrower to repay comfortably, smaller loans tailored in their preferred are offered while still ensuring that customer satisfaction is achieved.